By James A. Loyola
Jollibee Foods Corporation (JFC) and Panda Restaurant Group, Inc., America’s largest family-owned and operated Chinese American restaurant concept, have recently incorporated their joint ventures (JV) company JBPX Foods, Inc.
In a disclosure to the Philippine Stock Exchange, Jollibee said the 50-50 joint venture will bring Panda Express restaurants to the Philippines with an initial capital of P250 million.
In its initial phase, the two industry leaders intend to focus on developing five stores in Metro Manila.
“With proven track records in providing great tasting food at a great value, JFC and Panda join hands to introduce American Chinese food, a globally-influenced cuisine inspired by authentic Chinese culinary principles, to the Philippines,” Jollibee said.
It added that, “the two restaurant giants aim to deliver exceptional dining experiences through their shared foundation and commitment to their dedicated employees, loyal guests, and great operations. Long-term, Panda Express has a high potential for broad acceptance across the country.”
Profit sharing shall be in accordance to the 50-50 ownership. The JV Company shall have its own management with JFC providing support.